Advertising sold out for Oscars telecast on ABC

ABC has sold all of its commercial time for this month's Academy Awards telecast.

Walt Disney Co. chief financial officer Jay Rasulo announced the milestone Tuesday during a conference call with Wall Street analysts. ABC's ad sales team established the quickest pace for the Oscars ad sales in more than a decade.

ABC also notched substantial rate increases over last year's ad rates for the 85th Annual Academy Awards show Feb. 24. The Disney-owned network is collecting $1.7 million to $1.85 million per 30-second spot for the upcoming extravaganza, people familiar with the negotiations said.

Typically, ad sales stretch into February. But this season, demand was exceptionally high and most advertisers had placed their orders before Christmas, Rasulo said.

The Academy Awards are a hot ticket because marketers like having their products associated with a Hollywood event that tends to draw an audience of upscale viewers who have plenty of disposable income.

Last year, more than 39 million viewers watched the Academy Awards -- a healthy number after several years of viewership declines. Social media helped to create more buzz around the event, and advertisers have high hopes that this year's telecast will also deliver.

Seth MacFarlane will host “The 85th Annual Academy Awards” telecast, which will be produced by Craig Zadan and Neil Meron. Performers scheduled to appear this year include singers Barbra Streisand, Adele and Norah Jones. The show will also do a tribute to the James Bond movie franchise.